ISLAMABAD: The government has closed fiscal year 2023-24 with budget deficit of 6.8 percent of the gross domestic product (GDP) or Rs7.206 trillion despite provincial budget surplus of Rs518.213 billion, around 0.5 percent of the GDP.

On Tuesday, summary of consolidated fiscal operation released by the Finance Ministry showed a collection of Rs1,019 billion on account of petroleum levy during the last fiscal year. Of Rs518,213 billion budget surplus by provinces, share of Punjab was Rs212.157 billion followed by Sindh Rs137.571 billion, Khyber Pakhtunkhwa Rs56.244 billion and Balochistan provided Rs112.262 billion during 2023-24 fiscal year.

According to fiscal operation, total revenue collection in 2023-24 was Rs13.269 trillion with tax revenue of Rs10.085 trillion which included Federal Board of Revenue (FBR) tax collection of Rs9.311 trillion with contribution of direct taxes Rs4,530.772 billion, taxes on international trade (Customs) Rs807.805 billion, sales tax Rs3,098.771 billion and FED Rs577.451 billion.

Fiscal deficit target of 6.9pc of GDP set

Provincial tax collection of Rs774.194 million with collection of sales tax on services Rs504.617 billion, excise duty Rs12.136 billion, stamp duties Rs62.548 billion, motor vehicles tax Rs34.112 billion and others taxes Rs160.781 billion.

The non-tax revenue collection was Rs 3183.836 billion with federal Rs2960.718 billion that included; (i) mark-up (PSEs and Others) Rs354.986 billion;(ii) dividend Rs88.742 billion; (iii) profit PTA and others Rs42.280 billion; (iv) surplus profit of SBP Rs972.183 billion; (v) defence receipts Rs30.616 billion; (vi) passport fee Rs50.876 billion;(vii) discount retained on crude oil Rs25.546 billion; (viii) royalties on oil/gas Rs165.368 billion; (ix) windfall levy against crude oil Rs 27.764 billion; (x) petroleum levy on LPG Rs3.466 billion; (xi) gas infrastructure development cess Rs2.889 billion; and (xii) natural gas development surcharge Rs30.510 billion as well as petroleum levy Rs1,019 billion and others collection Rs146.271 billion. Provincial non-tax collection was Rs223.118 billion.

Copyright Business Recorder, 2024